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Cost of EVs to Match Internal Combustion Engine Cars by 2022
What's more, the accounting firm predicts that another 21 million electric cars will be on the road globally over the next decade due to growing market demand for clean transportation, government subsidies, as well as bans on fossil fuel cars.
All-electric cars (versus plug-in hybrids, for instance) will account for 70 percent of total electric vehicle market by 2030, the analysis says.
Cheaper prices is another factor that could boost consumer demand. Cost is often cited as a major barrier to mass adoption, but the report says that ownership cost of battery electric vehicles will match gasoline and diesel cars in the United Kingdom by 2021 and globally by 2022.
That's Deloitte's most hopeful prediction. Under less ideal conditions, it could take until 2024 for the cost to own a battery electric vehicle to be on par with traditional internal combustion engine cars, the company notes.
Other reports have also suggested that electric car sales will accelerate rapidly, which is positive news for the environment and public health. These cars help reduce tailpipe emissions that contributes to harmful air pollution and climate change.
However, Deloitte forecasts a global glut of 14 million vehicles as manufacturers' investment in capacity outpaces consumer demand by 2030.
"This gearing up of EV production is driving a wide 'expectation gap' and manufacturers, both incumbent and new entrants alike, will need to adapt towards this new competitive landscape," Michael Woodward, UK automotive partner at Deloitte, said in a press release.
"Those that can successfully build trust in their brand, ensure a positive customer experience from initial sale through to aftercare, and reflect consumer shifts towards the sharing economy in future business models will successfully navigate this," Woodward continued. "Equally, continual investment in engineering talent and the formation of partnerships with bespoke battery producers and third-party mechanic networks will also be important."
Many of the world's biggest automakers are shifting away from traditional internal combustion engines to charging.
On Tuesday, Toyota announced new efforts to move its electric lineup by pairing up with Panasonic, the world's largest manufacturer of lithium-ion battery cells. Panasonic also supplies batteries for Tesla's electric cars.
EcoWatch Daily Newsletter
By Julia Conley
Scientists at the United Nations' intergovernmental body focusing on biodiversity sounded alarms earlier this month with its report on the looming potential extinction of one million species — but few heard their calls, according to a German newspaper report.
The climate crisis is a major concern for American voters with nearly 40 percent reporting the issue will help determine how they cast their ballots in the upcoming 2020 presidential election, according to a report compiled by the Yale Program on Climate Change Communication.
Of more than 1,000 registered voters surveyed on global warming, climate and energy policies, as well as personal and collective action, 38 percent said that a candidate's position on climate change is "very important" when it comes to determining who will win their vote. Overall, democratic candidates are under more pressure to provide green solutions as part of their campaign promises with 64 percent of Democrat voters saying they prioritize the issue compared with just 34 percent of Independents and 12 percent of Republicans.
President Donald Trump has agreed to sign a $19.1 billion disaster relief bill that will help Americans still recovering from the flooding, hurricanes and wildfires that have devastated parts of the country in the past two years. Senate Republicans said they struck a deal with the president to approve the measure, despite the fact that it did not include the funding he wanted for the U.S.-Mexican border, CNN reported.
"The U.S. Senate has just approved a 19 Billion Dollar Disaster Relief Bill, with my total approval. Great!" the president tweeted Thursday.
"There was a lot of devastation throughout the state," Governor Mike Parson said at a Thursday morning press conference, as NPR reported. "We were very fortunate last night that we didn't have more injuries than what we had, and we didn't have more fatalities across the state. But three is too many."
georgeclerk / E+ / Getty Images
By Jennifer Molidor
One million species are at risk of extinction from human activity, warns a recent study by scientists with the United Nations. We need to cut greenhouse gas pollution across all sectors to avoid catastrophic climate change — and we need to do it fast, said the Intergovernmental Panel on Climate Change.
This research should serve as a rallying cry for polluting industries to make major changes now. Yet the agriculture industry continues to lag behind.
"The Ministry of Environment, Natural Resources Conservation and Tourism wishes to inform the public that following extensive consultations with all stakeholders, the Government of Botswana has taken a decision to lift the hunting suspension," the government announced in a press release shared on social media.